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income is going down. who is better prepared to help us with with deficit reduction? struggling working people or people on top doing well? >> that was answered on november 6th. the proposals will be coming in next week. what changes would you be willing to make to medicare because the republicans, you heard mitch mcconnell, you have to have entitlement reform to the republicans is cuts. that's what their entitlement reform is. would you do anything to medicare at all? >> sure. look, ed, what has to be understood is are we not only the country that doesn't care to all people, we pay by far much more per capita for health care than does any other nation. it's a wasteful system. for example, in terms of medicare, republicans demanded as part of medicare part d that the medicare could not negotiate drug prices with the pharmaceutical industry. the v.a. does that. why isn't medicare doing that? furthermore, if we develop efficiencies that save the system money, let's do it. but let us not cut benefits for the elderly or for the poor who are on medicaid. >> finally, senator, are you willing
they will hurt the economy and it is not a serious deficit proposal. higher taxes the president proposes only pay for seven days or eight days of washington spending. economic growth, for example, returning to the revenue of 2009 will cut our deficit in half. so if you cuple that with real spending cuts, authentic spending cuts you really have us headed back toward a balanced budget. and if we focus on how we find a bipartisan way to solve the social security and medicare, that is a signal to investors that we have the right track. melissa: so if they came out and said they were willing to do something real to cut spending, especially wen you come to entitlements, would you be willing to then go back and revisit the idea of marginal rates? >> well, my thought still is if you raise taxes on the small businesses, you know, and on successful families you have actually drag the economy down. that does not help us close the deficit gap. may be politically of fun move for someone to hang their hat on, but the deficit and an economic stadpoint, it's just is not make sense. melissa: i absolutely hear wha
's translate that. according to the congressional budget office, falling off the cliff would cut the deficit but stop economic recovery in its tracks. now presidents in both parties usually try to put money in people's pocketses to stimulate the economy. president bush sent taxpayers a refund check while obama has cut payroll taxes. p falling off the cliff is a reversal of that approach. that's why the cbo estimates economic growth would drop under 1% to just .5%. and unemployment could jump over a point to 9.1%. heather, we know the costs, we understand this game because the republicans have been playing it for a while. do you think anything has shifted post-election in way that will actually get a deal done? >> i think what's really come to roost for conservatives has been the fact they were pushing a vision for our economy that included basically just this, except for the tax increases, right. they said starting in 2010, the deficit is the most important thing, it's the most important thing, and now, they're basically faced with immediate deficit reduction and realize, oh, this is actuall
figures shortly before the financial markets opened. last month's deficit came to about $6.7 billion. exports fell by 6.5% from a year earlier. that's in yen terms. japan's exports have fallen for five months in a row. cars and steal led the drop last month. imports also fell by 1.6% from a year earlier. now, by dtination europe tumbled by 20% as the region's debt crisis continues to dampen demand. exports to china fell by over 11.5% and anti-japan sentiment dented demand for japanese goods. now let's get a check on the markets. on the tokyo foreign exchange, the dollar is gaining ground against the yen hitting the highest level in just about seven months. dollar yen is currently changing hands at 81.84 to 88 taking a look at the euro/yen, that is also at a six-month high. euro/yen 104.87 to 88. sources say many currency traders expect the bank of japan to deliver mormon tear easing because the central bank gave a cautious outlook for the japanese economy. let's get a check on stocks. japanese share prices are trading higher on the weaker yen this morning. the nikkei average currentl
city government right now. over each of the years i have served, we have had to balance budget deficits that were around $500 million. this year, we're facing another budget deficit of almost $400 million. fortunately in recent years, we have had some ability to do some one-time budgeting tricks that allow us to balance the budget that do not exist this year. in past years, we've received federal stimulus money. we received more monies from the state government. last year our labor unions decided to contribute a quarter of a billion dollars to help balance last year's and this year's budget. those are things we do not have the ability to avail ourselves of us we balance the upcoming budget in a few months. we are faced with far fewer options. i think we are going to have to continue to look at very deep and difficult cuts. our priorities have to be insuring and protecting the most basic city services and helping to ensure that we have services to the most vulnerable during this great recession. >> what about the city's housing needs? what should the board due to address those needs? >>
a better place. focus on eliminating waste, increasing efficiency, decreasing the budget deficit, and real focus that we appreciate in northern california on clean energy. for example, moving the state's goal to be 33% clean energy producing. it is my privilege to welcome governor brown to the panel. [applause] >> and to introduce our next panelist, i would like to welcome steve ballmer, senior bp -- vp. >> good morning and thank you. next up is governor hickel lipper -- hickenlooper. he is the serieaal a entreprener each of you have in your respective parts. he became very successful in the brew pub business. he never had a single election not even for stink -- a student council. governor? [applause] in keeping with the discussion, he is keen on innovation and things of that nature. i know that will come out. thank you, governor. >> are we all set? i am from the "mercury news," and we're here because we live in a global cloueconomy. it has altered local economies because so many manufacturing and technology jobs are moving, whether it is a matter of costs for going where the trained work
the city needs, this is not going to solve the city's deficit problems because the deficit problems are endemic. the start of the federal government. it starts with a policy of war. does not come from cabdrivers. what you are doing would have little effect of the budget robin; it will have a devastating effect on those people. i know this will not have no effect on director heinicke, but i will hope that the rest of you will take about this change your mind about what you have already decided to do. thank you very much. [indiscernible] >> hi i am barry [indiscernible] i don't have a whole lot to say because i have already been saying it, and people have been saying the same thing. cabdrivers are some of the lowest paid people here; they may have busy nights, the ones who work the good shifts might make some money but the others have to work this slow shifts; they make around 25,000 here, they stay in the business hoping to get a medallion, and what you guys are doing is taking the money that a career cabdrivers look forward to, they don't get any benefits, they don't get empl
an incredible plan to get on top of debt and deficit, to show how we will pay our way in the world we have record low interest rates. low interest rates described by the shatter chancellor as a key test of economic credibility. >> ed miller band? >> can i start by joining the prime minister in paying tribute to walter berry of first battalion richmond of scotland. he should yet most courage and bravery and all our thoughts and condolences are for his family and friends. can also express my deep or about loss of life in israel and gaza in recent days including the latest polling terrorist attack on a bus in tel aviv. there's widespread support on all sides of the house for an immediate and durable cease-fire being agreed in israel and gaza. will the prime minister set out in his view their main barriers to the cease-fire agreement now being reached? >> i agree with right hon. gentleman about the appalling news this morning about the terrorist attack on a bus in tel leave and also express our deep concern at the intolerable situation in southern israel and the grave loss of life in gaza. yes
japan in a trade deficit for the fourth straight month. finance ministry officials released preliminary figures shortly before the markets opened. the deficit came in at $6.7 billion. exports fell by 6.5% from a year earlier. exports have fallen five months in a row. cars and steel led the drop and imports fell by 1.6% from a year earlier. exports to europe tumbled more than 20%. the debt crisis has dampened demand. exports to china fell more than 11%. consumers upset about the material -- territorial dispute are shying away from japanese goods. >>> serieses say the settlement body upheld most of the -- wto officials sent a final report to the parties involved. the document advises ontario to rer rectify the issue. the wto says the -- canadian officials may appeal the decision. >>> tokyo stock exchange officials are calling on small businesses in south korea to list their shares on the tokyo boards. the tse made the promotion in a seminar in seoul on wednesday. the event was held by an organization that helps enterprises to raise funds and enter foreign markets. more than 200 south kore
from this incredible deficit. melissa: i hear you and i agree with you, but that message, feels like by virtue of the last election the rest of the country is not agreeing with that. >> i think time will prove this is right. the president has to look at legacy, he is the worst president in all of american history if the economy continues on a crash course as it is right now. the real opportunity is just presenting itself for folks in the tea party where we can say cutting spending is the only answer. if you tax everybody that obama is talking about taxing, the most you could cut off the deficit is 5%, something insanely small. that will not do anything. the message has to be to cut spending and until that resonates with americans, have to realize the economy will keep declining. melissa: ho huggies is a spendig problem, not a revenue problem? >> the left is always going to try to appeal to the low information voter. so we have to take information, make it really simple, on complicated and communicated in a narrative that can be marketed to the masses of people. if you take the tax in
debt today and deficit because in many ways it is in fact the spreading cancer. i call it that because occupation with a well diagnosed cancer, we know it's there and we know that it will spread and we know it can do. but we are now not operating as a prudent patient. too many americans are in fact choosing to ignore it. we are in some form of a state of denial. because if you think you are causing a crisis coming to americans have a false sense of security that everything is okay. there is no decisive action required today. we feel we can deal with it tomorrow. of course come in either of these two beliefs are true. what is certainly true as the federal government seems quite able to add $1 trillion each year to the national do. many people believe we can do this indefinitely. too many people actually believe this can go on for a decade after decade. they think so because one of the facts is as a country we can currently borrow money. my note to say 1.7%. but in fact last week it went down under 1.6%. that is kind of a happy state of affairs. we do not deserve to be able to borrow tha
it and they are very, very, very loathed to break it. and that's made it impossible to reach a deficit reduction deal, until now. "the new york times" has an article in which republican after republican after republican goes on the record by name dismissing his pledge and his power. peter king says a pledge is good at the time you sign it. in 1941 i would have voted to declare war on japan. but each congress is a new congress and you can't have a rule that you're never going to raise or lower taxes. i don't want to rule anything out. senator of georgia said, i'm frankly not concerned about the norquist pledge. senator john mccain said fewer and fewer people are signing this "pledge." it's actually a pledge, but any way. senator coburn called it "a tortured vision of tax purity." and it did you want end there in that article. bill crystal said this. >> let's have a serious debate. don't scream and yell when one person says, it won't kill the country if we raise taxes on millionaires. i don't understand why republicans don't take obama's offer. >> a calmist at the national review wrote, as a matter of
will not increase the federal deficit. they said it will reduce it slightly. ten years slightly and 20 years significantly. it's complete bs to say that this has any deficit implications. it doesn't. this is just a smoke screen. it's a red herring. it's another excuse for not doing what needs to be done. the american people have spoken. the central issue in the campaign was not only tax fairness but raising taxes on the top 2% as a means to help us balance -- get rid of the deficit and eat into the debt. and the american people have said, yes, that's one of the components of the deal. so this is just another smoke screen. it's a delaying tactic. i truly believe that if they keep this up they will pay for it and they will pay for it big time, certainly in the election of 2014. but the sad part is, the nation and people can't wait. we've got to resolve this debt because if we do so, rev, will cause the economy to explode. we will see a resurge in investment, good things happening for the economy. >> congressman ellison, with all of that at stake and clear from every expert that we've heard, it
the type of serious deficit reform needed to bring down the $16 trillion debt? >> well, you know, i think anytime you're talking about a deficit, there's two ways to bring it down, and i know you know this well. you're either going to raise revenue or have cuts, and i would continue to argue for a balanced approach which means i do think you can find savings in both programs. but what i'm concerned about is what the real agenda is and the real agenda, in my opinion, is to end medicare. i mean, that was certainly a big item in the presidential debate is changing medicare into a voucher program. so what i don't believe in is changing the fundamental structure where we break the guarantee to seniors that we've had in our country for decades. that i disagree with. finding savings, there are certainly ways to do that in both programs, but neither one is going to balance or is going to address the deficit without clearly raising revenue. >> an interesting thing has developed among some of your fellow members in the house, democratic caucus, peter welch of vermont, if a deal is bad, that if it's
? >> this is a question of what is optional. i sat back and watched my country grow a huge deficit while i accumulated money that was handed to me while i had tax increases that i didn't ask for. so i want to see my class step up and do what it has the capacity to do. >> you may have a chance who knows. thank you. >> casey mulligan, thank you very much. now let's go to grover, he has never been more prominent. here is my question for you. the republican ares are taking about tax hikes. it doesn't kill the country if we raise taxes a little bit on millionaires. that is bill crystal weekly standard. what is your take on the verbal time bomb? >> he focuses on other issues and has said before that he would leave the republican party and join the liberal hawks if the party was pro war in the past. i don't know how he gets plural on hawks. but the party is committed to low taxes and limited government and the people who aren't there can't call themselves republicans or conserve taticon. after this elicks grover, did people want to see common ground to deal with a fiscal cliff recession or trillion deficits
budget deficits could remove road blocks to growth. on the other hand, going over the cliff might mean a recession. on top of that, worries about a deal were already causing trouble. > uncertainty about how the fiscal cliff, the raising of the debt limit, and the longer-term budget situation will be addressed appears already to be affecting private spending and investment decisions, and may be contributing to an increased sense of caution in financial markets. >> susie: wall street and business leaders were pleased that bernanke was talking tough. and they said the fed's role in the fiscal cliff negotiations is to communicate. >> tell the world and the individuals in the political establishment that they have to help get their act together or we have a problem, and that notion of preaching from the pulpit that he has is very fundamental. >> susie: is there another role or more of a role for the fed? >> i think to be a cheerleader and to be on the sidelines telling the government they have to do what is right for the public. >> susie: as for what the fed can do if the u.s. heads into re
in interest rates, $2.4 billion we take in. there's a $1.1 billion deficit. if that keeps up -- >> trillion. you're talking trillion-dollar deficits every year. >> if that keeps up, the spending goes to $6 billion. what we take in goes to $4.6 billion. you have a $1.4 billion deficit you're going to deal with in ten years with $1 trillion debt. interest payments you have to make every year. when you're making interest payments of $1 trillion a year, everybody is going to stop investing. germany isn't going to buy our bonds anymore. >> maybe they want this. it seems like both sides are digging in. the president says he wants $ .6 trillion in revenue. that means higher taxes as well as taking the loopholes away. maybe he wants to go over the cliff to prove a point. >> going over the cliff to prove a point is like wrecking your car to show that you can't drive. i mean, it doesn't make any sense. what makes sense is to be thoughtful. a democrats and a republican two years ago, simpson/bowles, got together and put together some guidelines that nobody paid any attention to. it had to do with heal
with a billion specified and the rest not and the 6 trillion-dollar deficit with the goal set up plus the one, 6 trillion-dollar tax increase or five particularly since the spending cuts have been agreed to by the democrats and obama included. he knows he is and for that and then the republicans offer to put them into subsequent savings from the budget control act. when they spent nine months discussion from simpson-bowles which is a tax increase and hints that the tax reform and its spending reform and when we finally went into the room to see what they came up with they didn't have legislative language that should have taken two weeks but they didn't have anything. they didn't have anything in nine months. why? because it isn't real. people say this imaginary agreement that isn't written down over the massive tax increase and the spending, simpson-bowles is a distraction from the fact that the two parties fundamentally disagree on the country, and this is where we have people who tell you why don't we have the good old days of bipartisan compromise telling you how old they are? because they ar
complications from lymphoma. he warned against large federal deficits and was a fierce critic of the reagan administration in the 1980s iran-contra affair. >> the american people have the constitutional right to be wr g wrong. and what ronald reagan thinks or what oliver north thinks or what i think or what anyone else thinks makes not a whip if the american people say enough. there comes a point that the views of the american people have to be heard. >> the new hampshire senator didn't seek re-election in 1992. later saying "i can see the republican party gradually being taken over by movement conservatives and self-commissioned christian soldiers whose social agenda i found repugnant." warren rudman was 80. >>> as the president considers his cabinet for a second term, the "wall street journal" reports eric holder will likely stay on, at least for the start of the new administration. holder clashed with congress for refusing to turn over certain documents in the fast and furious gun trafficking scandal. he had been the first sitting attorney general to be found in contempt of the house of
are in a period where the budget situation in this country, a huge deficit we are facing, the debt confronting this country are limited resources and will continue to limit the resources. i did not believe we worked on budgets and the defense department. i do not believe we have to choose between national security and fiscal security. we are at the pentagon is implementing a strategy that we put together in order to deal with the fiscal challenge we are presented. congress handed us $487 billion to reduce the deficit -- the defense budgets over 10 years. my approach was to say, wait a minute. we are not just going to cut across the board. we are not just going to hollow out the force as we have done in the past. every time we have come out of the war, whether it was korea, vietnam, the cold war, we cut the budget across the board, and we hollowed out the force. we are not going to repeat that mistake, so for that reason, i said to my service chiefs, chairman of the joint chiefs, we have got to sit down and develop a strategy for the future that will provide the defense force for the 21st centu
is on an unsustainable path. the budget deficit, which peaked 2009, is expected to narrow further in the coming years as the economy continues to recover. however, the cbo projects that under a possible such a policy assumptions the deficit could still be greater than 4% of gdp in 2018, assuming the economy has returned to its potential by then. moreover, under the protection, the deficit and the ratio of federal debt to gdp would subsequently returned to an upward trend. we should all understand that long-term projections of ever increasing deficits will never accept underpass because the willingness of lenders to continue to fund the government can only be sustained by a responsible fiscal plans and actions. a credible framework to set a better fiscal policy, one in which the ratio of federal debt to gdp aventurine stabilizes or declines, is urgently needed -- and eventually stabilize or declined, is urgently needed to maintain stability. even as policy-makers address the urgent issue of longer run out stability, they should not ignore a second key objective, to avoid unnecessarily adding to the he
out of their pockets to his deficit reduction. so we've had thoughts of things squeezing us at different levels. we are now facing biggest threat through sequestered. janet mentioned the fiscal cliff in one part of the fiscal cliff is these across-the-board spending cuts to take effect january 2nd. it's going to be an 8.2% across-the-board cut in education, job training and health, housing, fbi, air traffic controllers from the food safety, entire range of domestic programs. for education if you count headstart, which is at the department of health and human services a $4.8 billion cut would be the largest education cuts ever in the history of the country. that would just move us -- essentially move us backwards on whether the goal is closing achievement gaps come increasing high school graduation rates, increasing college access and college completion. our biggest challenge in the short-term this lame-duck lame-duck session this to work together with groups like the urban league and national council to come up with a balanced approach to deficit reduction. as genocide, as p
budget is on an unsustainable path. the budget deficit which peaked at about 10% of gdp in 2009 and now is 7% of gdp is expected to narrow further in the coming years as the economy continues to recover. the cbo projects that under a plausible set of assumptions, the budget deficit would still be greater than 4% of gdp in 2018, assuming the economy has returned with potential by then. moreover, under the cbo projection, could deficit and raise your federal debt to gdp would subsequently returned to an upward trend. we should all understand that long-term projections of ever increasing deficits will never actually come to pass because the willingness of plunder to continue to fund the government can only be sustained by irresponsible fiscal plans and actions. host: that was ben bernanke at the economic club of new york yesterday. looking for your confidence in the u.s. economy. already getting some comments on facebook -- abroad we are taking your comments on twitter, facebook, and calls. we start with joseph from maryland on the democratic line. thanks for joining us. caller: good morni
and says the end for hp is not even sight. >>> also, japan has posted its worst trade deficit in october for more than three decades. exports dropped sharply amid territorial tensions between tokyo and beijing. it indicates the world's third biggest economy is inching closer to recession. this means the country would have seen its fifth technical recession in 15 years. at the same time, japan's opposition party promised a massive easing blitz meant to pull the economy out of its funk. that's if the ldp returns to power on december 16th. he promised to compile a large extra budget. he's also it rated calls to lift calls above the 1% target. >> translator: we should target inflation of 2% to 3%. i prefer 3%, but i will leave that up to the experts. i have never said the boj should directly buy bonds from the government. they should buy them from the market. >> his party is also considering the revision of the bank of japan law. yesterday the bank of japan chief hit back saying it was unrealistic. >>> just the latest in japan. let's get the market report kicked off by sixuan. >> let me star
, will congress be able to reach a fiscal cliff deal that really cuts spending and the deficit? wooohooo....hahaahahaha! oh...there you go. wooohooo....hahaahahaha! i'm gonna stand up to her! no you're not. i know. you know ronny folks who save hundreds of dollars switching to geico sure are happy. how happy are they jimmy? happier than a witch in a broom factory. get happy. get geico. fifteen minutes could save you fifteen percent or more. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >>> another busy news day. markets higher right now. we had the cease fire now announced between israel and hamas. if there isn't peace in washington on avoiding a fiscal cliff, will these gains go away in a hurry? >> joining us now, rich bernstein, cnbc contributor, anthony chan, and our own bob posani. bob, so far we've seen, what, t
those cuts go in definition and else places, there will be $560 billion cut in the deficit but a 4% cut in the gdp throwing us technically right into recession. is that you're belief if we don't do anything between now and january 1st this country will go into recession, jared? >> it is my belief if we go over the cliff and stay over the cliff. if we're able to hammer out a deal, even if that deal isn't completely stamped and approved on january 1st, there is the possibility of a very temporary trip over the fiscal slope, if you will, and then a reversal. but if we go over the cliff and stay over the cliff i'm pretty sure we'd be looking at recession. >> what about the impact on world markets and money markets in new york, et cetera, et cetera, what would it do about the confidence of the united states' ability to deal with fiscal matters, if we go over the cliff in any way? >> yes. if you look at those markets today you'll see they're pricing in a solution. that's why treasury bills have a yield of 1.6%, historical low. if those markets believed, as i described it, a deal was in the of
it will be a modest reduction in the rate of increase in spending such the we will have a $1 trillion plus deficit next year. more of the same. lou: as always. >> thank you. lou: up next to illegal immigrants wants new privileges because, i hate to tell you, it looks like pandering is contagious. imagine that. and forget susan rice. not the plot -- the biggest problem with this administration we will demonstrate to you the gaping holes in the benghazi time line and some extraordinary coincidences in the patraeus time line in the "chalk talk"e e next. fotheir annual football trip. that's double miles you can actually use. tragically, their ddy t sacked by blackouts. but it our tradition! that's roughg the card holder. but with the capital one venture card you get double miles you can actually use. [ cheering ] any flight, anytime. the scoreboard doesn't lie. what's in your wallet? hut! i have me on my fantasy team. now we need a little bit more... [ male announcer ] at humana, we understand the value of quality time and personaattention. which is why we are proud to partner with health care profess
it will be a modest reduction in the rate of increase in spending such the we will have a $1 trillion plu deficit next year. more of the same. lou: as always. >> thank you. lou: up next to illegal immigrants wants new privileges because, i hate to tell you, it looks like pandering contagious. imagine that. and forget susan rice. not the plot -- the biggest problem with this administration we will demonstrate to you the gaping holes in the benghazi time line and some xtraordinary coincidencesn the patraeus ♪ lou: benghazi, a lot of people are forgetting, pushing in out out of their mind or some organizationdon't pay attention. we will take extra time to refresh ourselves on the timeline of a cover-up. it began september 111 hour before 9:40 p.m. private securityyin benghazi in first calls for assistance came made calls on cellphones and in at precisely that time. at 11:00 p.m., unarmed drone drone arrivedo provide real-time intelligence to tripoli and washington broke 12 '07 a.m., the 12th they announced that she react claimed responsibility for the benghazi attack with devours tthey knew they had re
with a planned deficit reduction by 2013. these cuts are what we refer to as sequestration. this would mean an across the board cut of between 7% and 10% of all defense and non-defense federal spending irrespective of policy or its impact on everyday people. these cuts would be absolutely devastating to our national and local economies. our -- show that sequestration will reduce federal funding direct to san francisco by at least 26.5 million dollars a year, every single year. we would see over $5 million of cut to education, and almost $3 million of cuts from public housing. san francisco's allocation of medicare would be cut by $2 million. funding for the wic workforce program would lose almost $5 million. there would be a $1 million cut to housing services for people with hiv and aids and more than $1 million cut to the community development block grant program. ladies and gentlemen, this is our safety net. and our safety net's already strained by years of state cuts and it cannot sustain these additional reductions in federal funding. in addition to the cuts i have just detailed, there
will not have any growth. >> look, let's be clear about this, you are running a $1 trillion deficit right now. those basically show you that you are going to get you to run 2% growth rate economy for the next decade and that is not strong enough to create the kind of employment, growth and environment economically that she wants to see. you have not seen that since the 1960s on an annualized basis. simply a function attacking the fiscal problems first. it was not until the tax cuts kicked in in 1983 that the economy really kicked off. thank you. good to see you both, have a good thanksgiving. lauren: say goodbye to the twinkie. and at least say goodbye to the twinkie right now because hostess and the union unable to agree to new labour terms. today host is back in court to wind down operations but also talks a possible buyer. thvery latest on the company's future. david: the move could have a big impact on our economy. some economists say it could be closing even more. coordinate traininhe spent yearg business joining us for an inside look. lauren: santa claus is making a list, the results of
to the federal deficit. cutting it doesn't change the deficit or debt picture. a year or two of extra work, think progress writes may not seem like much with his cushy corner office. for a factory worker or janitor it can be real problems. life expectancy is longer. >> you can't afford a little hike in your taxes? really? >> stephanie: no. >> can i make a request? can we take justin on line one? i want to hear this. >> stephanie: okay. justin in huntington beach. you're on "the stephanie miller show." hi justin. >> caller: hey, guys, how you doing? i don't know if this makes me the world's best father or the world's worst father because my son and i basically raised him watching your show. so but what's really funny is every time he hears reince priebus, he says reince priebus. it doesn't matter whether it is on the radio or in the car. it is pretty hysterical. >> reince priebus. >> stephanie: i'm sorry. do it again justin. >> really loud. reince priebus. [ laughter ] >> stephanie: what's his name? >> his name is
a big budget deficit out there. somebody has got to pay more taxes and some spending has got to be cut. if it's not the wealthy paying more taxes and these are wealthy, remember, who in living memory have never taken home a larger share of total income and wealth in living memory, have never paid an effective tax rate that's as on their breath and income, these are the wealthy who are putting over something on everybody else. if they don't pay more, everybody else has to pay more. >> eliot: somebody's gotta pay it. i think the affirmative shift here is that the deal that the president offered last summer that was rejected by speaker boehner had a ratio of 10-1 cuts to revenue. the republicans said no way. we're not doing that. now we're essentially talking about something that's 2-1 and the republicans are acknowledging the revenue has to be raised. that's a sea change. >> that's progress. progress comes directly out of something called an election. >> eliot: that's right. those are good things, we think. >> un
something about the $16 trillion deficit, i think the bottom is going fall out of the dollar, totally. >> greta: what has been the -- when you asked to be paid in gold, the answer was what? >> they got, quoted opinions from a progressive pragmatic judge says the constitution says states will pay their debts in gold and silver doesn't mean that. they said that hey, they will wire my payment, my payroll, by wages, they'll wire where ever i want them to. i intend to wire where they'll send me gold and silver dollars for pay. >> greta: so that is taken care of? it's got an extra step or they can write you a check and you can go buy gold if you wantedded. you can get your gold, you can get your gold, right? >> yes. i'll end up getting gold and silver coins, yes. >> greta: anyone else agreeing with you? joining suit? anyone else in the legislature? >> there are a few others agreeing with me, but none have come out and been willing to put their, expose themselves as much. >> greta: what do you attribute the decline to? do you blame it on washington? is there anything in particular you identi
and reduce the deficit? by creating jobs and growing our economy. not by cutting programs that families rely on most. we need senators udall to continue to stand up for us. >> jennifer: do you think that democrats are going to feel as pressured by the unions as republicans feel pressured by grover norquist? >> organized labor is the best organized, most effective strongest arm on the left in this country. they are a great ally for the democratic party and so, of course the democrats will feel pressure from labor. they are also going to feel pressure from -- >> jennifer: are they going to compromise? >> we'll find out. the democrats aren't one party in lock step. have conservative democrats liberal democrats. so the unions can't force every democrat to do something. and there's pressure also from the middle. you said pressure from the right. pressure from the left. but there's pressure from the middle. a democratic interest group that has some swaining called third way released polling that said hey,
, there will be about 3,000 people that will have paralysis or significant permanent neurological deficits. it is a real problem. it is a real problem particularly in texas. >>trace: we look to the pictures of mosquitoes which we associate with the west nile and we associate mosquitoes with summer, are we off the hook or is this year round? >>guest: well, it depends where you are. there is a tendency to thing you are off the hook because the previous years is the warm weather because the warmer the weather the more the virus reproduces in the mosquito so it reproduces and you are bitten you will get the virus but because it is a disease of cycles we are not off the hook. >>trace: you talk about a cycle of the disease what do we know about future epidemics? >>guest: there will be future epidemics. in north dakota, for instance, which is the state that has the most cases of west nile virus reported per capita only 15 percent of the population has become infected so there is a long way to go. while you can get the virus and become infected and become immune if you have not been subjected to the disease con
and deficit problem in a recession. we have big near-term problems and don't solve the long-term problems. gerri: 50,000 for every american taxpayer. it is pretty frightening. what would you like to hear from the president? he has made it clear it is my way or the highway. >> what he has to press s urgency to get this done and lay out a plan. he is the president of the united states. if we're going to talk about big bargains in solving the debt problem, all we have heard is the tax hikes. what arehey spending cuts would actually propose? that is something american people have to hea gerri: i want to hear about entitlement spending. please come back. have a great thanksgiving. the fiscal cliff mess is going take a bite out of your bottom line when a slew of higher taxes. those lucky enough to get a year-end bonus, now maybe the time to ask your employer to cut fat check. rich edson joins us from washington. >> the law says taxes are going up. trying to avert the full tax hike so we really don't know who will pay more or if anyone will pay more. one tax expert says a conservative tax play t
of the issue. >>> in global market news, japan logging its fourth straight trade deficit in october. the european debt crisis with china over a territorial dispute actually reduced exports. and we continue to follow the latest developments out of the middle east. secretary of state hillary clinton traveled to the west bank this morning to meet with palestinian president mahmoud abbas. abbas heads the west bank, while the palestinian militant group hamas controls the gaza strip. hamas is considered a terrorist organization by the united states because it continues to refuse to recognize israel as a state. the united states has a policy of not negotiating with terrorist organizations. that's why she's not speaking with anyone in gaza. her visit comes hours after a meeting with israeli officials that lasted late into the night. >>> let's take a look at the markets this morning. we already showed you the futures. they are down slightly. dow futures down by about 23 points. in europe this morning, you'll see that -- also, by the way, a lot happened yesterday. ben bernanke started talking
revolution. we actually now have a path to energy independence in america, that's a $200 billion deficit right now. it's a bridge to renewable energy, renewable energy's going to take a long time. if we can move to gas, we'll get tremendous benefits in terms of cleaner energy on the way to renewable energy future. if we could get those things done, steve, this would be transformational for our economy. but we haven't been able to act on these things even though, as i said earlier, there's wide bipartisan consensus. >> thank you, michael. let me jump to doug and steve for a moment and just try to poke holes in this. if we roll back time to just before the financial crisis, you looked at the u.s. debt position, doug holtz-eakin was out there, you know, bitching about that already. [laughter] and john mccain and others had been. but it's much worse today. if you looked at debt in a different way, if you looked at private sector debt, if you looked at the fact -- forget government debt, but if you looked, government debt's gotten worse, but before the financial crisis, private sector debt wa
years, what are you thinking? >> you're thinking i don't have time to worry about deficit reduction and the fiscal cliff. i have to go to a fund-raiser. i have to raise tens of thousands of dollars every day to have enough money to compete with these super packs and it would be nice if i could find a billionaire that would help me with my own super pac and that means i have to be nice to billionaires who unwant to find the funding for my campaign and hope they'll do a super pac. so you've raised the financial pressure where we would like them to be focused on instead of their next campaign. >> trevor potter, thank you for joining us. >> thank you. i axe appreciate it. ♪ ♪ >>> that's it for this week. go to billmoiers.com for league to the sun light foundation and other citizens groups pushing back against the spreading slime of money. and don't miss our special video report from nearby coney island that explores first hand how occupy sandy and the group boomboo people's relief are helping the hardest hit and most vulnerable. that's all from bill moyers.com. i'm bill moyers. ♪
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